Iraq “Has Largest Oil Reserves”

May 20, 2008By Andy RowellBlog Post

As the world rapidly runs out of oil, one place seems to be swimming in the stuff, and no prizes for guessing who that is … Iraq has dramatically increased the official size of its oil reserves after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.

Congress Votes to Stop Filling Oil Reserve

May 14, 2008By Andy RowellBlog Post 1 Comment

They must be getting jittery. Fearing a political backlash over rising gasoline prices, US politicians have voted to halt deliveries to the 700 million barrel Strategic Petroleum Reserve. About 700 million barrels of oil are stored in the underground reserve on the Gulf Coast, established after the 1973 Arab oil embargo to protect against supply … Read More

Mexico’s Oil Reforms Get Muted Response from the Majors

April 10, 2008By Andy RowellBlog Post

A plan to shake up Mexico’s flagging state-run oil sector has met with a muted reaction from the oil majors. The foreign oil companies want Mexico to join the rest of the world in offering risk-sharing joint ventures, especially in the huge deep-sea sector. These joint ventures would enable the companies to claim that they … Read More

Shell Slashes Reserves Estimates (Again!)

March 17, 2008By Andy RowellBlog Post 1 Comment

Shell has ongoing problems with its oil reserves, with the oil giant once again having to slash its reserve figures from last year by more than half. This takes about 1.3 billion barrels of oil off its books, equivalent to about a year’s production. The company is expected to take at least 200 million barrels … Read More

Fat Profits, But Big Oil is Shrinking

February 1, 2008By Andy RowellBlog Post 1 Comment

Over the next few days more oil companies will announce obscene profits. But as the headlines are taken by calls for a windfall tax, the real story is one that has been brewing for some time. Big Oil can’t find enough oil. Yesterday, despite making £93m a day, Shell did not impressed the markets. The … Read More

Shell Sparks Fears Over Reserves

January 29, 2008By Andy RowellBlog Post

Maybe the oil industry is running out of reserves faster than it is letting on (see other blog), but Shell is to delay publication of key data about its oil reserves that it would normally have released alongside profits figures being published this week. The decision is said to have disappointed some analysts, who have … Read More

Brazil Considers Joining OPEC After “Monstrous” Find

November 19, 2007By Andy RowellBlog Post

Brazil is to consider joining OPEC after it has gauged the impact on its oil exports from its newly discovered giant offshore Tupi oil field. Isnard Penha Brasil said that “a membership decision will come after we know what our export capacity will be and we think this will be good.” Last week, Brazil confirmed … Read More